Accounting. Please fill in the empty blanks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Accounting. Please fill in the empty blanks.
Transcribed Image Text:Required a.
Cost per equivalent unit of production: Weighted average method
Costs of beginning inventory
✓
Costs incurred this period
✓
Total costs
+ Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment Weighted average
Completed and transferred out
Direct materials
Conversion
Total costs completed and transferred out
Ending work in process
Direct materials
> Answer is complete but not entirely correct.
Conversion
Total cost of ending work in process
Total costs accounted for
EUP
EUP
0X $
$
0x $
0X $
Costs
EUP
Direct Materials
$
Cost per
EUP
0.00 $
0.00 X
Cost per
EUP
$
0.00
0.00
$
196,304✔
1,451,226 ✔
1,647,530
Total cost
0x
0
0.00 x
0.00 X
Total cost
0.00
0.00
Conversion
Is
S
Costs
EUP
IS
68,624 ✔
989,296✔
1,057,920
0x
0
![Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
80,000
422,000
400,000
102,000
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 196,304
68,624
Direct
Materials
Percent
Complete
60%
1,451,226
989,296
90%
Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory
LO P1
Percent Complete
40%
$ 264,928
Conversion
2,440,522
$ 2,705,450
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
40%
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feadcb89e-6a87-4cfc-8074-9b591642ed6a%2F7fa0c732-e3d8-488c-9463-ca6ecc3ef2e3%2F8gd3mge_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
80,000
422,000
400,000
102,000
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 196,304
68,624
Direct
Materials
Percent
Complete
60%
1,451,226
989,296
90%
Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory
LO P1
Percent Complete
40%
$ 264,928
Conversion
2,440,522
$ 2,705,450
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
40%
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education